Articles under "#Valuation" category

More WCO tools to assist revenue collection to be launched soon

The WCO’s Revenue Package (RP) is nearing the completion of its third phase, which will see the launch in June 2018 of a number of new tools and material for Customs administrations.

The motto of the RP is “fair and efficient revenue collection,” the objective being to strengthen the...

An understanding of trade facilitation measures is also a key consideration. Facilitating the trade of compliant businesses is in fact compatible with the goal of effective revenue collection. By using risk management techniques to determine the compliance levels of individual businesses, Customs...

New instrument on royalties and licence fees

An important new instrument was finalized at the May 2017 session of the WCO Technical Committee on Customs Valuation (TCCV). The instrument, Advisory Opinion 4.17, deals with a scenario where royalties have been paid by a franchisee to a franchisor for the use of the brands and system connected ...

WCO releases new instrument on transfer pricing and Customs valuation

An important new instrument was finalized at the April 2016 session of the WCO Technical Committee on Customs Valuation (TCCV). The instrument is Case Study 14.1, illustrating a specific scenario where Customs took into account transfer pricing information in the course of verifying the Customs v...

Update on the WCO Revenue Package

New tools have recently been developed as part of the WCO’s Revenue Package, which collates all material relevant to improving revenue collection and compliance levels.

WCO launches new online services

The WCO recently launched a new online platform, WCO Trade Tools (www.wcotradetools.org), which offers a single point of access to:

• the 2002, 2007, 2012 and 2017 Editions of the Harmonized System (HS), together...

  In addition to a user-friendly interface design and efficient search engines, the platform enables users to:

  • cross-reference information using a comparison tool for the HS and Preferential Rules of Origin;
  • gain a direct overview of the latest HS updates, highlighting the cha...

Discover the WCO Trade Tools

• HS 2022 and the last four editions of the HS (2002, 2007, 2012 and 2017)
• Advanced search engine
• Legal Notes, Explanatory Notes* and Classification Opinions*
• A histor...

  Preferential Rules of Origin

  • The legal texts of over 350 FTAs are available, together with their annexes and samples of corresponding certificates of origin*
  • Possibility to search if a product is covered by...

     

    More information
    www.wcotradetools.org
    publications@wcoomd.org

Tariff and Trade Affairs

All strategic goals with regard to Tariff and Trade Affairs (TTA) have been successfully accomplished over the past year. This was evidenced by the significant workload of the WCO Secretariat’s TTA Directorate in 2016, with 45 days of meetings held, more than 4,000 pages of docume...

Tariff and Trade Affairs

The WCO continued to assist its Members in implementing the Revenue Package, which provides guidance and best practices for improving the efficiency and effectiveness of revenue collection, as well ...

The WCO continued to carry out its work on the uniform application of the Harmonized System (HS), with the adoption of numerous classification decisions and intensified capacity building ef...

Capacity building activities included the organization of eight training workshops:

• In Sri Lanka, WCO Secretariat staff partnered with the WTO to deliver presentations related to the operational aspect...

Dossier: Customs Valuation, shedding light on a technical but critical topic for Customs

Adam Smith, author of “The Wealth of Nations”, wrote that Customs duties have been “in use for time immemorial”. To a large extent, this assertion is correct. The practice of taxing commerce is as old as commerce itself. And where a tax must be collected, there will be disputes over rates...

A Technical Committee on Customs Valuation (TCCV) was established under the auspices of the WCO to ensure uniform interpretation and application of the Agreement at the technical level. Its role is to ...

WTO Customs Valuation Agreement: objectives, requirements and challenges

This year marks the 25^th anniversary of the entry into force of the WTO Customs Valuation Agreement (CVA). The Agreement seeks to tackle Customs clearance delays resulting from valuation verification and to ensure that the Customs value of goods entering a market are properly assessed ...

The objective of the CVA is to provide a fair, uniform and neutral system for the Customs valuation of goods that eliminates the use of arbitrary or fictitious Customs values. At the same time, it aims to addres...

Infrastructure changes

Implementation of the Agreement requires a shift from focusing on intervention at the clearance stage and requires modernization of both processes a...

The dynamic dual role of tariffs: insight into specific and ad valorem rates

Introduction

Following World War II, like-minded nations sought to create a global trading system that could help foster peace and prosperity through greater economic integration. This effort spawned the General Agreement on Tariffs and Trade (GATT), which required its mem...

While recognizing that the return of tariffs is not a good omen, it is essential to acknowledge that the debate about tariffs is on the table. Unfortunately, right now, most media coverage lacks depth. The prevalent narrative is characterized by villains and heroes and a poor screenplay.

I...

Transfer pricing: understanding multinational firms’ practices

A significant amount of work has been done over the last 15 years on “convergence” of income tax transfer pricing (TP) and Customs valuation. Both income tax and Customs rules seek the same result, ensuring that prices between related parties are “at arm’s length,” set as if the parties...

Multinationals commonly establish a separate distribution entity in each country in which goods are sold. This distributor is the importer for goods sold in that market, and ...

[1] The TCCV is established by Article 18 of the Agreement and is charged with providing guidance on uniform interpretation and application of the Agreement.

[2] Commentary 23.1, and Case Studies 14.1 and 14.2 are di...

“Valuing” our involvement – private sector engagement and views on Customs valuation